Implementation Report for Faster Payout

[Insert Deposit Taker Name as per FS Register]

[Insert FRN #]

[Insert Date of submission to PRA]

Implementation Report

As outlined in Policy Statement 09/11, ‘Banking and Compensation Reform’ (PS09/11), from 31stDecember 2010 every authorised deposit taker with at least one eligible depositor must have implemented a system capable of providing a Single Customer View (SCV) file.

You are:

  • required to submit an Implementation Report to the PRA (this report);
  • submit an SCV Report to the PRA;

and for deposit takers subject to the electronic requirements

  • send a SCV file to FSCS’s Verification Solution provider Experian.

This report should include an authorised signature on behalf of the firm’s Board of Directors (Part 4).

All Credit Unions should send their reports to:

Credit Union Supervision Team

Prudential Regulation Authority

20 Moorgate

London

EC2R 6DA

Phone: 020 3461 7000 (Firm Enquiries Team)

Other Deposit Takers should submit this report to their normal PRASupervision contact by email or post.

Upon receipt of the reports, those deposit takers that are electronically verifying their SCV file will be contacted by Experian (as the Verification Solution provider),throughyour nominated SCV Primary Contact, to finalise the SCV file Transmission process.

For full details of the reporting requirements you should refer to Chapter 17 of the Compensation Sourcebook (COMP) of the FS Handbook.

Further information covering COMP SCV requirements can also be found in the FSCS Faster Payout Questions and Answers (Q&A) document on the FSCS website:

and from the verification team at FSCS by email or by telephone 020 7892 7878

Any additional attachments should be clearly marked with your Firm name, FRN number, SCV primary contact name and the title of the document.

Part 1: Contact Details

1.1 Firm Details
Deposit Taker Name–(exactly as per FSRegister)
FirmRegistration Number (FRN)
1.2 SCV Contacts
Compliance Officer
Primary Contact Name
  • Telephone Number

  • Email Address

  • Mailing Address

Secondary Contact Name
  • Telephone Number

  • Email Address

Part 2: SCV description

2.1Please provide a description of your SCV system and how it has been implemented.
[Deposit Takers should delete italics text before populating with their own information]
Deposit Takers should provide a brief description of their SCV system which may include:
  • Whether any specific account types or data sets are managed by a third party;
  • The source, date and rate of any Exchange Rates that have been applied to your SCV file (if relevant);
  • A summary of the approach taken to the provision of keys and codes for your SCV file
  • Whether you have provided keys and codes for your SCV systems exclusions; and
  • Whether you have applied to the PRA for any modifications and waivers

Please state the time it takes for you to generate a full SCV file;
2.2 Please provide the name of any third party software suppliers and the name of the software that are used to support the production of your SCV sample file.

.

2.3 Account status code - COMP requires firms to provide an explanation of any code or keys used. FSCS intend to use the Account status code to identify which accounts are fit for straight through payout and which are not.
Deposit Takers should refer to questions in the FSCS Q&A. However, where possible, FSCS would prefer that Deposit Takers provide a single unique code representing one scenario or a single unique code representing multiple scenarios.
Please attach additional documentation/attachment. Any additional documentation should be clearly marked with your Firm name, FRN number and SCV primary contact name and titled codes and keys.
Note: For the avoidance of doubt, all account status codes that appear in the SCV file should be included in the Keys and Codes Table – including blank , plus any known exclusions
Account status code (as shown on file) / Description(s) / Fit for Straight through payout (Yes /No) or Exclusion
EXAMPLES
GA / Gone Away / No
XN / Gone Away & Fraud / No
A / Active and operating normally / Yes
F / Fraud / No
B / Beneficiary / Exclusion
Active and operating normally / Yes
PLEASE INSERT YOUR OWN CODES BELOW

Part 3: Transmission

FSCS and Experian require Deposit Takers to provide information on how the SCV file would be sent to Experian.Thiswill provide Experian with the required information that will support the secure, automated receipt processing and destruction of your SCV files.

3.1. Transfer - Please indicate how your Deposit Takerwouldsend the SCV file to Experian by placing a tick in the relevant box?
See FSCS Faster Payout Q & A for additional information on SCV transmission
SFTP (FSCS preferred option)
Connect Direct (if existing connection already in place with Experian)
Encrypted Email
Physical Media (e.g. CD, data stick. Please provide detailed description below)

Part 4:Statement of compliance

We confirm that we, the Board of Directors of [insert name of Deposit Taker], canprovide an SCV file (i.e. the information required by COMP 17.2.3) to the FSCS within 72 hours of a request being received from the FSCS or PRA.
We confirm that this report has been signed by [insert name of signatory] on behalf of the Board of Directors of [insert name of Deposit Taker].
COMP 17.2.3 requires firms to be ‘able to provide to the FSCS a single customer view
for each eligible claimant, except where to the extent that the eligible claimant is the beneficiary of an account held on his behalf by another person or if the account is not active, within 72 hours of a request being received from FSCS
Signed:
Position:
Date:

The following sections must be completed fully by all Deposit Takers subject to the electronic requirements , for others their completion is voluntary but would greatly assist FSCS in its preparations for Faster Payout.

Part 5:Implementation

5.1. Please outline the testing undertaken as part of your SCV implementation
[Deposit Takers should delete italics text before populating with their own information]
This section may include a high level summary of the types of testing performed on your SCV system. It may include issues such as:
  • What testing you undertook to identify/prevent individuals appearing more than once in the SCV file;
  • What performance testing have you undertaken in relation to verify that you can generate your SCV file within the required 72 hour request period?;
  • A brief description of the testing you undertook in relation In Flight Transactions.

5.2 Please indicate what your plans for the ongoing maintenance of the SCV system are.
[Deposit Takers should delete italics text before populating with their own information]
This may include:
  • How you plan to maintain an accurate list of keys or codes for your SCV and exclusions;
  • A brief summary of what processes you have/will be implementing to check the eligibility of your members;
  • How you plan to ensure that the relevant modifications and waivers are sought when necessary; and
  • How new products and systems will be integrated into the SCV system.

5.3. Please indicate how yourboard of directors will ensure that they remain satisfied that the Deposit Taker’s SCV system continues to satisfy the PRA’s SCV requirements.
Please provide details of the dates and scope (if know) of any planned internal or external audit assurance work that will be performed over your SCV ‘readiness’.
Internal audit
External audit
Other assurance methods
5.4.Please detail below any other factors relevant to the design of your SCV system or to an assessment of whether your SCV system meets with the stated COMP requirements.
[Deposit Takers should delete italics text before populating with their own information]
For example, please provide a brief description of the approach taken in relation to the application of ‘In Flight Transactions’ e.g. uncleared cheques.

Part 6: Number of Single Customer Views

6.1. What is the exact number of unique single customer views (depositors)in your full SCV file?
6.2. What is the exact total number of unique single customer views (depositors)in theSCV file you are submitting?

Part 7: Format

7.1.TechnicalFormat - Place a tick in the relevant box to indicate your preferred choice.
See FSCS Faster Payout Q&A for additional information on file format of SCV files.
. CSV (FSCS preferred option)
. TXT
Other (Please describe your preferred format below)
7.2Security - If not using SFTP(see 3.1) to transfer your file please indicate which encryptionsoftware you intend to use by placing a tick in the relevant box.
See FSCS Faster Payout Q&A for additional information on file format of SCV files.
PGP(FSCS preferred option)
WINZIP
Other (please describe the proposed transfer and related security controls below)
7.3.Filename - Please provide details of your intended file name(s) by ticking the relevant box or providing details of your intended file name.
See FSCS Faster Payout Q&A for additional information on file naming convention.
Please noteany files with unrecognised file names will be destroyed and resubmission will be required.
If yourpreferred transmission method is Connect Direct (see 3.1), Experian will agree file names with you directly.
If using FSCS preferred file name, please tick here.
If not using FSCS preferred file name, please provide details of your SCV file name below.
7.4. Please provide details of your file header format by placing a tick in the relevant box, or by providing details of your intended file header.
See FSCS Faster Payout Q & A for additional information on file header format.
If using FSCS preferredheader format, please tick here.
If not using FSCS preferred file header, please use the space below to provide details of any SCV file header.
7.5 Pleaseconfirm your proposed file footer format by placing a tick in the relevant box.
See FSCS Faster Payout Q & A for additional information on file footer format
If using FSCS preferred footer format, please tick here.
If not using FSCS preferred file footer, please use the space below or an attachment to provide details of any SCV file footer.
7.6 Column Delimiter
Place a tick in the relevant box to indicate your preferred choice. Please note, characters used as a column delimiter must notbe used in any other fields within SCV file.
See FSCS Faster Payout Q&A for additional information on delimiters
Pipe delimited (FSCS preferred option)
Comma delimited(if using this option please ensure your member data (e.g. addresses) does not contain commas)
Other - Please state your proposed column delimiter
7.7. Row Delimiter
Place a tick in the relevant box to indicate your preferred choice. Please note, characters used as a row delimiter must not be used in any other fields within SCV file.
See FSCS Faster Payout Q&A for additional information on delimiters
Carriage return line feed (CRLF) (FSCS preferred option)
Other - Please state your proposed row delimiter
7.8 Please use the boxes below to provide information on the SCV file submission, and the field contents/data structure of each file.
How many files will make up your SCV submission?
If more than one file, please use the space below to define how you have split tables A, B C and D across multiple files. Please confirm whether each file contains fit for straight through records, not fit for straight through records, or a combination of both.
Please tick the box to confirm that the SCV data fields are supplied in the exact order/sequence as documented the COMP table 17.2.8
If SCV data fields are not provided in the same order/sequence as COMP, please use the space below to define the field order in each file.
Please tick the box to confirm that the SCV data fields are populated with the exact data types as per the FSCS Q&A (Table 1).
7.9. Blank fields
Place a tick in the relevant box to indicate your preferred choice. See FSCS Faster Payout Q&A for additional information on blanks
Spaces - FSCS preferred option
Null
Zero field length with delimiter
N/A
Other - Please state your preferred method for populating blank fields
Please note, numeric empty fields should be represented by ‘0’ (zero)
7.10Address Format
Place a tick in the relevant box to indicate your preferred choice
One specific address format should be applied consistently to all SCV files
See FSCS Faster Payout Q&A for additional information on addresses
Format A – PAF format
Format B - Multi line format
7.11. Date of Birth
While Date of Birth is NOT a field required by COMP, FSCS has provided details within Table
A for firms who are able to provide this information.
Place a tick in the relevant box to indicate your preferred choice
See FSCS Q&Afor additional information on Dates of Birth.
DDMMYYYY - FSCS preferred format
Date of Birth not provided
7.12. Decimals
All amounts should be in GBP, with foreign currencies converted into GBP. All amounts should
Include the decimal point and 2 decimal places or have an assumed 2 decimal place. Please tick the relevant box below.
Decimal point and 2 decimal places(15000.00)- FSCS preferred option
Assumed 2 decimal place (1500000).
7.13Product Type -FSCS intend to use the product types and descriptions as an indicator to access the representativeness of any sample SCV file.
It is important to note that the product type information is critical to this process, while the description information will help inform analysis rather than prevent the file from being processed.
Any additional documentation should be clearly marked with your Firm name, FRN number and SCV primary contact name and title.
Product type (exactly as appears in your file) / Description(s)
EXAMPLES
SA / Shares account
Junior / Junior Savings
CS / Christmas Savings
BA / Business account
PLEASE INSERT YOUR OWN CODES BELOW

1